Tax reform legislation makes big changes to business provisions

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January 2018


The 2017 tax reform reconciliation act (the Act), enacted December 22, 2017, makes numerous changes to the US tax rules affecting businesses and individuals.

This Insight discusses certain domestic provisions of the Act that taxpayers should consider, including changes to depreciation, the tax year of inclusion of income, net operating loss (NOL) provisions, and repeal of the corporate alternative minimum tax (AMT).

The takeaway

The Act represents the most comprehensive US tax reform enacted since the Tax Reform Act of 1986. Given the complex nature of the legislation, taxpayers should remain engaged as Treasury and the IRS begin the regulatory process to implement the legislation and address numerous uncertainties.

Contact us

Christine Turgeon

Partner, Federal Tax Services Leader, PwC US

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